Policyholders support the use of AI in exchange for improvements in functionality: part 1

Thanks to the arrival of the digital Age and all the digital changes that this brought with it, many companies, even the most traditional ones such as insurance, have been exploring technologies that are useful to them to persist, develop over time and meet expectations of your customers.

It is known that investment in digital tools for life and health insurance in the insurance sector has increased in recent years due to the exploration of technologies such as Artificial Intelligence (AI) in its operations. According to Fintech Global, in 2018 alone, 3.18 billion dollars were invested worldwide, a figure that almost doubled the investment in 2017.

Why invest in AI?

1.Faster, data-driven decisions.

2.Deeper understanding of risk.

3.Better customer experience.

However, while consumers are cautious about the use of AI within insurance companies, confidence increases online by exposing AI devices to homes. Customer-driven design and faster responses will make the difference in gaining consumer support.

An insurance company, by harnessing the power of AI, can improve existing processes and create a new product proposition to lean toward a particular market. For insurers, Artificial Intelligence will help transform their life insurance experience.

By being able to better understand a customer, an insurer will be able to offer them a product or service that is tailored to their individual needs.

You are right! This topic is somewhat extensive, and we do not want to leave without inviting you to read the second part where we will delve a little more into Artificial Intelligence and the impact for the industry and its consumers. Wait for her!

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